14. The Financial Conduct Authority’s role
All UK financial services firms, investment firms and consumer credit companies must be registered and authorised by the Financial Conduct Authority (FCA).1register.fca.org.uk To be authorised, a company must meet the standards set by the FCA. An authorised firm can be investigated by the FCA if they do not meet these standards. The FCA can order authorised firms to stop trading, prosecute them and get compensation for consumers.
The FCA register lists all companies regulated by the FCA, including those regulated in the past. It contains information on the firm’s contact details, what they are authorised to do and if they are covered by the Financial Ombudsman Service and the Financial Services Compensation Scheme. The register also contains information on firms offering financial products or services without the necessary authorisation. This includes firms operating financial scams listed with red text and a warning symbol. You can check whether a firm is authorised at .
If a company is listed on the register as regulated, it must adhere to the FCA’s strict rules. The FCA Consumer Credit Sourcebook (CONC) details the rules businesses must follow. It is closely aligned with the Consumer Credit Act 1974 and all subsequent legislation and regulations.